Litecoin Price Analysis: LTC/USD Steeper Climb to Follow?

Published 3m ago via

Bitcoinrx via

Litecoin was trading higher inside an ascending channel on its 1-hour time frame, and has recently broken above the resistance around $135. Anticipation for the August 8 event in which the reward for Litecoin miners will be cut in half is seen as one of the primary factors driving the rally as traders might be positioning for a potential bump higher in value.

Interestingly enough, the decoupling from bitcoin is also being seen as a factor thatâ€™s sustaining the rally as investors might be moving their holdings towards litecoin instead. The last time litecoin had its block reward halved in August 2015, its hash rate was 266 times smaller at 1.5 TH/s and the price was around $3 versus the current $130.

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